There’s no doubt that the Philippines is one of the most sought after residential spots in Southeast Asia. According to the United Nations World Tourism Organization (UNWTO), more than five million tourists visited the Philippines in 2015. The increasing number of visitors coming to the country each year proves that the Philippines has caught the eye of the international market. Some of these tourists have even chosen buy property in the country and relocate here.
And who could blame them? There are various reasons why foreigners love staying in the country. One of which is the low cost of living. A study from International Living reveals that foreigners can live comfortably in the country for only USD 1,000 a month. This total includes food, housing and utility bills. The warm and friendly Filipinos who are fluent in English are also a reason why so many people feel comfortable here. And who can forget the country’s pristine white sand beaches,the rugged mountains and tropical climate that the Philippines has to offer?
If you’re a foreigner who plans on staying in the Philippines for a long time, it’s better to buy a property than to rent. Buying a property in the Philippines is a great investment and a good retirement option. Below are some factors foreigners need to consider when buying a property in the Philippines.
- Foreigners cannot own land –The only way a foreigner can own a land is when he or she is married to a Filipino. The Filipino spouse can acquire the property and his or her name will be the only one that can appear in the land title.
- Buying a condominium unit is easy – The easiest type of property a foreigner can buy in the Philippines is a condominium unit. Foreigners can own the unit but not the land underneath it. The Philippine Condominium Act clearly states that foreigners can own a condominium unit as long as 60 percent of the development’s units are owned by Filipinos.
- Buy through investing – Corporations can own land in the country as long as 60 percent of the investors in the company are Filipinos. The Investors Lease Act says companies that are composed of 40 percent foreign investors may lease land up to 50 years and this can be renewed for another 25 years.
- Foreigners can legally own a house or a building –Foreigners may own or lease a house or a building as long as they do not own the land where the property is built.
- Hereditary succession –A foreigner may acquire property if he or she is the legal successor of the land. For example, if the foreigner’s Filipino spouse dies, he or she can inherit the land and will be given an amount of time to dispose of the property and collect the proceeds.
With rising tourism and a booming economy, now is the perfect time to buy real estate in the Philippines. Check out Dot Property Philippines to see more properties located in the Philippines.
